Overseas Realty posts Rs. 1.9 b PBT in 1Q

Friday, 1 May 2026 10:09 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC yesterday said it recorded a group revenue of Rs. 3,292 million and a group Profit Before Tax (PBT) of Rs. 1,926 million for the first quarter ending 31 March 2026

The depreciation of the rupee resulted in a net exchange loss of Rs. 68 million on foreign currency loans compared to a loss of Rs. 136 million in the same period of last year.

The company-level revenue of Rs. 780 million at the World Trade Center, Colombo, was 11% higher than the corresponding quarter of last year, due mainly to higher rental rates.

Revenue of Rs. 556 million was recorded from residential sales of Havelock City which was lower than the corresponding period in 2025 due to limited number of units available for sale.

Mireka Tower and Havelock City Mall recorded revenue of Rs. 1,027 million and Rs, 585 million respectively, representing increases of 114% and 22% over the corresponding quarter of 2025. This performance was supported by higher occupancy levels and improved rental rates.

Mireka Seascape, located on the southern coast of Sri Lanka and comprising 168 luxury apartments and villas, was launched to the market in June 2025. The project has achieved strong market acceptance, reflecting its prime location, contemporary design, and lifestyle appeal. Pilling works has successfully commenced in the second quarter of 2026.

Commenting on the results, Group CEO Pravir Samarasinghe said: “With high occupancy levels across all investment properties, strong recurring revenue streams, and robust asset base, the company remains financially resilient. We are well positioned to accelerate the exploration of new development opportunities within the real estate sector to foster sustainable growth and deliver long term shareholder value”.

The group net asset value per share as of 31 March 2026 stood at Rs. 54.43 and the earnings per share for the period was Rs 1.47.